Common use of Compensation to Manager Clause in Contracts

Compensation to Manager. As compensation for Manager's services hereunder, Manager is entitled to retain for its own account at the end of each calendar month during the term of this Agreement an amount equal to the lesser of (a) fifteen percent (15%) of the Gross Revenues (as defined hereinbelow) for the preceding month or (b) the amount by which the Gross Revenues for the preceding month exceed the total of all accrued expenses of any kind whatsoever ("Expenses") incurred by the Master Club during the preceding month in performing its duties and obligations under the Master Club Agreement; provided, however, that, if in any month the compensation paid to Manager pursuant to this Agreement does not equal fifteen percent (15%) of the Gross Revenues for the preceding month then an amount equal to the difference between (x) 15% of the Gross Revenues for such month and (y) the amount of compensation actually paid to Manager in such month (the "Shortfall") shall be owed Manager and, in any subsequent month in which the Gross Revenues for such month are more than sufficient to pay all Expenses as well as compensation to Manager in the amount of 15% of the Gross Revenues for such month, then Manager shall be entitled to retain for its own account so much of the excess Gross Revenues as is necessary to satisfy the Shortfall. As used herein, the term Gross Revenues shall mean the amount of all dues, assessments, late charges and any other amounts accrued by Manager from the members of the Club pursuant to paragraph 4(a) hereinabove, plus, (ii) the amount of income generated by the Resorts and accrued by Manager pursuant to paragraph 4(b)

Compensation to Manager. As compensation for Manager's services hereunder, Manager is entitled to retain for its own account at the end of during each calendar month year during the term of this Agreement an amount equal to the lesser of (a) fifteen percent (15%) of the Gross Revenues (as defined hereinbelow) for the preceding month year or (b) the amount by which the Gross Revenues for the preceding month year exceed the total of (i) all accrued expenses of any kind whatsoever ("Expenses") incurred by the Resorts during the year (exclusive of any fees paid or payable to the Master Club by the Resorts) and incurred by the Master Club during the preceding month year in performing its duties and obligations under the Master Club Agreement; providedAgreement and (ii) the total of all unpaid Shortfalls for any preceding years commencing after December 31, however, that, if 1992 (as defined hereinbelow). If in any month year commencing after December 31, 1992, the compensation paid to Manager pursuant to this Agreement (exclusive of any amounts for prior Shortfalls) does not equal fifteen percent (15%) of the Gross Revenues for the preceding month year then an additional amount equal to the difference between (x) 15% of the Gross Revenues for such month year and (y) the amount of compensation actually paid to Manager in (exclusive of any amounts for prior Shortfalls) for such month year (the "Shortfall") shall be owed payable to Manager and, in any subsequent month year or years in which the Gross Revenues for such month year or years are more than sufficient to pay all Expenses as well as compensation to Manager in the amount and all prior unpaid Shortfalls, until such Shortfall is fully paid out of 15% of the Gross Revenues for such month, then Manager shall be entitled to retain for its own account so much of the excess Gross Revenues as is necessary to satisfy the ShortfallRevenues. As used herein, the term Gross Revenues shall mean the amount of all dues, assessments, late charges and any other amounts accrued by Manager from the members of the Club pursuant to paragraph 4(a) hereinabove, plus, plus (ii) the amount of income generated by the Resorts and accrued by Manager pursuant to paragraph 4(b)